The earnings for the S&P 500 this year are expected to be up 18.6%. This very strong growth is driven to a large degree from lower taxes for corporations and to a lesser degree from economic growth. We believe expectations are very high for corporate profitability. Our concern centers around mostly next year being too high, next year we will anniversary the tax benefits and the Federal Reserve will have likely raised interest rates at least a couple of more times.

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Market in a Minute 2018-03-27